Northvolt raises $1.1 billion for its factory rollout plans
Northvolt today announced the signing of a $1.1 billion convertible note to finance its expansion of battery cell and cathode material production in Europe to support the rapidly expanding demand for batteries.
Northvolt today announced the signing of a $1.1 billion convertible note to finance its expansion of battery cell and cathode material production in Europe to support the rapidly expanding demand for batteries, a press release reads.
Investors participating in the capital raise were AMF, AP funds 1-4 (via the co-owned company 4 to 1 Investments), ATP, Ava Investors, Baillie Gifford, Compagnia di San Paolo through Fondaco Growth, Folksam Group, Goldman Sachs Asset Management, IMAS Foundation, Olympia Group, OMERS Capital Markets, PCS Holding, Swedbank Robur, TM Capital and Volkswagen Group.
We are proud and thankful for the support and trust from these world-class investors and partners. We will continue to work hard to deliver on the promise we have made to them to build the world’s greenest battery, Peter Carlsson, Co-Founder and CEO of Northvolt, commented in the press release.
With this capital raise, Northvolt has since 2017 secured close to $8 billion in equity and debt to deliver on its plans to establish a supply of sustainable batteries to enable the decarbonization of society.
Presently, the company is developing manufacturing capacity to deliver on $55 billion in orders from key customers, including BMW, Fluence, Scania, Volvo Cars, and Volkswagen Group.
Through 2021, around 1,800 people were recruited into Northvolt, and it continues to onboard around 150 people per month to support its plans. Key projects of the company include the continuous ramp up and expansion of Northvolt Ett, as well as the establishment of the Northvolt Volvo Cars joint venture gigafactory in Gothenburg, Sweden, and its third gigafactory, Northvolt Drei, in Heide, Germany. In parallel, a cathode factory, Northvolt Fem, is being established in Borlänge, Sweden.